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TMI Blog2009 (2) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... hna Mills and claimed that the shares should be valued as per yield method. The Wealth-tax Officer rejected the claim of the assessee and valued the same as per rule 1D of the Wealth-tax Rules, 1957 – Held that Tribunal was not right in holding that the value of shares, is to be a arrived at on yield basis as against the value under rule 1D of the Wealth-tax Rules - 15 of 1990 - - - Dated:- 26-2- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h-tax Officer rejected the claim of the assessee and valued the same as per rule 1D of the Wealth-tax Rules, 1957. An appeal was preferred before the Appellate Assistant Commissioner (for short "the AAC"), who set aside the order of the Wealth-tax Officer and allowed the claim of the assessee. Appeal was preferred by the Revenue before the Tribunal who confirmed the order of the Appellate Assistan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation Officer is equally bound by rule 1D as indeed he is bound by all the other rules made under the Act. This is the view taken by the Allahabad High Court in CWT v. Smt. Pushpawati Devi Singhania [1991] 188 ITR 364 (All). The contrary view taken by the Delhi High Court in Sharbati Devi Jhalani v. CWT [1986] 159 ITR 549; [1985] Tax LR 1327 and other High Courts, if any, is overruled. Q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quoted equity shares under rule 1D, no deductions on account of capital gains tax which would have been payable in case the said shares were sold on the valuation date can be made. Similarly, no other deductions including provision for taxation, provident fund and gratuity are admissible. Rule 1D is exhaustive on the subject. (3) Explanation 1 to rule 1D is a perfectly valid piece of delegated l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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